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October 29, 2004
Bank on Congress's Making Life Harder for the Little Guy
Thanks to politicians' trying score points with voters in the wake of the Enron collapse (itself largely a result of political machinations), Congress passed the Sarbanes-Oxley Act, which is supposed to make companies follow better practices so that there is less chance of corruption and greater accountability. Brought to you by the same people whose books cannot even be audited, the act has already cost the company for which I work a cool $25 million to bring everything into compliance, and we're not done by any means.
Today I received a memo stating:
"By January 1, 2005, all employees with arrangements for payroll direct deposit will be limited to one account designation. All . . . operating companies are mandated to comply with this corporate-wide initiative, which supports compliance requirements and consistency in controls as outlined in Sarbanes-Oxley legislation."
Isn't that nice? Our fine public servants in Washington are now forcing us all to have our paychecks directly deposited into a single account. No more putting some into checking and some into savings, as I currently do. For my own good, I will now have to have everything deposited into one account and then have the bank transfer some of it to the other account. (Fortunately, my bank will set up an automatic monthly transfer, or this could really be painful.) At least I feel safe knowing that my CEO can't mess with both of my bank accounts now. Thanks, Congress!
Ain't freedom grand?
Posted by Mike Tennant at October 29, 2004 03:29 PM